PV Power sees Q3 profit quadruple

Monday, Nov 04, 2019 15:35

Engineers operate equipment at Nhon Trach 2 Power Corporation, a member unit of PetroVietnam Power Corporation (PV Power). — VNA/VNS Photo Huy Hung

PetroVietnam Power Corporation (PV Power) reported post-tax profit of VND793 billion (US$33.9 million) in the third quarter of this year, four times higher than the same period last year.

During the period, the company earned net revenue of VND7.92 trillion, an increase of 14 per cent year-on-year. Gross profit reached VND1.19 trillion, up 21 per cent last year.

Financial expenses of PV Power in the quarter dropped sharply by 64 per cent to VND284 billion as interest expense decreased by 17 per cent. The company recorded exchange gains in the last quarter while it incurred exchange loss of VND398 billion in the same period last year.

In the first nine months of this year, PV Power reported consolidated net revenue of VND26.2 trillion and gross profit of VND3.87 trillion. After deducting expenses, the enterprise earned post-tax profit of VND2.49 trillion.

Some subsidiaries of PV Power also performed more efficiently in the third quarter.

Dakdrinh Hydro-Power JSC saw a loss of VND6 billion in Q3, much lower than the loss of VND58 billion in Q3 last year. PV Power Bac Kan earned profit of VND62 million while it reported a loss of VND58 million last year. Nhon Trach 2 Thermal Power Plant enjoyed profit of VND162 billion, 6.5 times higher than the same period last year.

In 2019, PV Power sets an electricity output target of 21.6 billion kWh, total revenue of VND32.77 trillion and post-tax profit of VND2.27 trillion.

With the nine-month results, the business has exceeded 10 per cent of the year’s profit plan.

Total assets of PV Power totalled VND60 trillion, of which fixed assets were worth more than VND38 trillion.

Total debts of PV Power reached VND19.5 trillion. The company’s cumulative amount of undistributed profits is VND3 trillion.

In the market, PV Power shares (POW) are still moving sideways, hovering around VND13,000 per share. — VNS

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